New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-12-07
FULL TEXT OF TIE MESSAGE.

finances which imperativcy demands immediate
and careful consideration.
The amount of money annually eyacted, through
the operation OF present laws, from tho
industries and necessities of the people, largely
exceeds the sum necessary to meet the expenses OK
the Government.
When we consider that the theory of our insti-
tutons guarantees to every citizen the full ENJOY
ment of all the fruits of his industry and entert
prise, with only such deduction as nay be lis
share towards the careful and economical main
tenance of the Government which protects him.,
it is plain that the eXaction of more than this
is ndcfensible eXtOrtion. and culpabe betrayal
of American fairness and justice. This wrong
inflicted upon those who bear the burden OF
national taxation, like Other wrongs, multiplies
n brood of evil consequences. The pubic Treas
ury, which should only exist as conduit con-
veying the peoples tribute TO its legitimate OBJ
iects of expenditure, becomes boarding place
for money nccdlessly withdrawn from trade ana
the peoples use, thus gripping our national
enc crgics suspending orr countrys development,
preventing investment in productive enterprise,
threatening financial disturbance, and inviting
schemes of public plunGer.
slTU ALTON pRE>AGING FINANCIAL CONFUSION.
This condition of our treasury is not alto
gether new; and it has more than once of late
in the Congress, who alone can apply a remedy.
And vet the situation still continues, with ag-
gravatcd Incidents more than ever presagins
financial convulson and widespread disaster.
It will not do to neglect this situation because
its dangers are not now palpaby imminent ana
apparent They exist none the less certainly,
and await the Unforeseen and unexpected occa-
sion when suddenly they will be precipitateI
upon us.
On the 3Oth day of June. 1855, the excess OF
revenues over public expenditures after conf
plying with the annual requirement OF The
sinking fund act, was Sl7,sj9,73j ei, during
the year ended June 80, lss6, such excess
amounted to s40,405,545 90; and during tho
year ended June 80, 1884, it reached the sum
oil S55,j67,si9 "a.
TEMPORARY RELIEF FOR BUSINESS CIRCLES
The annual contributions to the sinking fund.-
during the three years above specified, amounting
in the aggregate TO sl3s.o5s,9@O '4' ana ue-
ducted from the surplus stated, were made
bv calling in for that purpose outstanding three
DER cent bonds of the Government. during thS
six months prior to June 50, 1857, the surplus
revenue had grown ~ large by repeated accounts
lations and it feared the withdrawal Oh thlS
great sum of money needed by the people would
50 affect the business of the country that tle
sum of S79,s6ilO0 Of such surplus was applied
to the payment of the principal ana interest VI
the three per cent bonds still outstanding, and
which were then payable at the option ol mo
Government. The precarious condition of hnail-
cial affair, among the people still needing relief,
Immediately after the 3Oth day OF june 1887,
the remainder of the three per cent bonds then
OUTSTANDING amounting W h principal and inter-
est 10 the sum Of SIS, - 800 were called IN ami
applied to the sinking fund contribution Tor tho
current fiscal year Notwithstanding these opera
tons Of the Treasury Department representations
OF distress in business circles not only continued
but increased, and absolute peril seemed at hahd'
In these circumstances the contribution To tho
sinking fund for the current fiscal year was ao
once completed by the expenditure ol sE''oo4'-
zs3 50 in the purchase Of Government bonds moo
Vet due bearing four and four and half per
cent interest the premium paid thereon averaging
about twcnty-four per cent for the former and
c,rht per cent for tho latter. In addition to
this the interest accruing during the curreno
vcor uuon the outstanding bonded Indebtedness OK
the Government was to some extent anticipated,
and banks selected as repositories OF PUBIC
money werc permitted to somewhat increase thelr
deposits
RAPID GROWTH OF THE TREASURY ACCCMCLA
TIONs
While the eXpcdents thus employed, to release
TO the people the money lying idle IN the treasury
served to avert immediate danger our surplus
revenues have continued 10 accumulate the eN-
cess for the present year amounting on the ISL
day Of December 10 s55, 25s,70l IL, and estimated
10 reach the sum of sll3,00O,OO0 on the 3oth ot
June next nc which date il is expected that
this sum, added to prior accumulntionS, VIII swell
the surplus in the Treasury to slfo,OOO'ooo'
There seems to be assurance that, WIN
such q withdrawal from use of the peoples
| al in buSinpSS
not in the near future be subjected 10 the same
distress which was quite lately produced from
the same cause And while the functions OF our
National treasury should be few and simple,
and while its best condition would be reached,
believe by its entire disconncction with prlVate
business interests yet when, by perNcrsioh ot
its purposes, il idly holds money uselessIy sub
tractcd from the channels of trade, there seems
70 be reason for the claim that sOmc legitimate
means should be devised by the Government TO
restore in an emergency, without waste or eN-
travagance, such money TO its place among the
people.
II such m emergency arises there now exists
no clear and undoubted executive power of relief.
Heretofore the redemption of three per cent
bonds, which were payable at the option of the
Government, has afforded means for the dis
bursement of the excess of our revenues but these
bonds have all been retired, and there are no
bonds outstanding the payment Of which we have
the right to insist upon. The contribution TO
| the sinking fund which furnishes the occasion
for the expenditure in the purchase of bonds has
| been already made for the current year, so that
| there is no outlet in that dicction
| In the present state of legislation the only
pretence OF any existing executive power tn re-
store at this time any part Of our surplus revenues
to the people by its expenditure consists in tho
suppositon that the Secretary OF the Treasury may